Peter Norman Sørensen Professor of Finance PhD Program Director Department of Economics University of Copenhagen Øster Farimagsgade 5, Building 26 DK-1353 Copenhagen K Denmark Tel. +45 3532 3056 Fax. +45 3532 3000 Email peter.sorensen@econ.ku.dk

• CV and Research Papers
• Teaching

CV and Research Papers

Brief CV

• Professor of Finance, Department of Economics, University of Copenhagen, 2006-present.
• Associate Professor, Department of Economics, University of Copenhagen, 1999-2006.
• Assistant Professor, Department of Economics, University of Copenhagen, 1998-1999.
• Prize Research Fellow at Nuffield College, Oxford, 1995-1997.
• PhD in Economics, Massachusetts Institute of Technology, 1996.
• MSc (cand. scient. oecon.) in Mathematics and Economics, University of Copenhagen, 1992.

Publications

• Pathological Outcomes of Observational Learning, with Lones Smith: pdf (437 kB), postscript (468 kB). Published in Econometrica volume 68(2), March 2000, 371-398.
• Herd Behavior and Investment: Comment, with Marco Ottaviani: pdf (155 kB), postscript (174 kB). Published in the American Economic Review volume 90(3), June 2000, 695-704.
• Information Aggregation in Debate, with Marco Ottaviani: pdf (239 kB), postscript (315 kB). Published in the Journal of Public Economics volume 81(3), September 2001, 393-421.
• Professional Advice, with Marco Ottaviani: pdf (308 kB). Published in the Journal of Economic Theory, volume 126(1), January 2006, 120-142.
• Reputational Cheap Talk, with Marco Ottaviani: pdf (354 kB). Published in the Rand Journal of Economics, volume 37(1), Spring 2006, 155-175. [Click here for supplementary material on deviation incentives, interim evaluation, and mixed incentives contained in earlier drafts.]
• The Strategy of Professional Forecasting, with Marco Ottaviani: pdf (396 kB). Published in the Journal of Financial Economics, volume 81(2), August 2006, 441-466.
• Simple Utility Functions with Giffen Demand: pdf (123 kB). Published as Exposita Note in Economic Theory, volume 31(2), May 2007, 367-370. The original publication is available at www.springerlink.com.
• Outcome Manipulation in Corporate Prediction Markets, with Marco Ottaviani: pdf (147 kB). Published in the Journal of the European Economic Association, volume 5(2-3), April-May 2007, 554-563.
• The Favorite-Longshot Bias: An Overview of the Main Explanations, with Marco Ottaviani: pdf (232 kB). Published in Handbook of Sports and Lottery Markets, edited by Donald B. Hausch and William T. Ziemba, North-Holland, Amsterdam, 2008, pages 83-101.
• Surprised by the Parimutuel Odds?, with Marco Ottaviani: pdf (112 kB). Published in the American Economic Review, volume 99(5), December 2009, 2129-2134.
• Noise, Information and the Favorite-Longshot Bias in Parimutuel Predictions, with Marco Ottaviani: pdf (277 kB). Published in the American Economic Journal: Microeconomics. volume 2(1), February 2010, 58–85. Also reviewed in NAJ Economics, 11:3.

Working Papers

• Aggregation of Information and Beliefs: Asset Pricing Lessons from Prediction Markets, joint with Marco Ottaviani, updated February 2010.
• Informational Herding and Optimal Experimentation, joint with Lones Smith, updated April 2008.
• The Timing of Parimutuel Bets, joint with Marco Ottaviani, updated May 2006.
• Parimutuel versus Fixed-Odds Markets, joint with Marco Ottaviani, draft April 2005.

If you are looking for other working papers, please email me.

Professional

• I am director of our PhD Program in Economics.
• I am director of the Finance Research Unit (FRU).
• I am a member of the Danish Center for Accounting and Finance (D-CAF).
• I am co-editor of Economica.
• I am an associate editor of Macroeconomic Dynamics.
• I have a grant from the Danish Social Science Research Council to study Prices and Probabilities in Prediction Markets during the period 2007-2010.
• I have a grant from the Danish Social Science Research Council to study Asset Market Design during the period 2010-2012.
• I organized a research workshop on prediction markets on December 17-18, 2008. Download the program.
• I organized a Workshop on Informational Herding Behavior on September 16-18, 2005.
• Towards the end of its funded period, I was heading the Dynamic Economic Theory network.

Teaching

Spring 2010

I will lecture in the fourth-year Financial Markets course for the econ students. Other versions of this course were the Spring 2007 Financial Markets course, an earlier Financial Markets course, as well as a math-econ course on Strategic Trading in Financial Markets.

I will also supervise an Economics student seminar on Advanced Corporate Finance Theory.

Other teaching

• Fall 2009: I lectured in the fourth-year Corporate Finance Theory course for the econ students.
• In the Fall 2009, I also co-lectured on Global Corporate Governance for the first-year master's students in the elite programme on International Law, Economics and Management.
• In the Spring 2009, I contributed lectures and supervision to the fourth-year course on Private Equity and Hedge Funds for both econ and law students. Here is an earlier version of the Private Equity and Hedge Funds 2007 course page.
• Spring 2006: For the math-econ programme I offered an advanced course on Games and Information.
• Fall 2004: The third-year course on Dynamical Economics for the math-econ students.
• Spring 2000: The micro half of the first-year Economics 1 course for our math-econ students.
• I have frequently taught a third-year course in Microeconomics for the econ students.
• Likewise, I have frequently taught a second-year course in Microeconomics for the math-econ students. See also the different Microeconomics 2008, Microeconomics 2006, and Microeconomics 2005 versions.
• I have also run seminars on Information and Incentives, on Financial Markets, and on Finance in general.
• 1995-1997: In Oxford, I taught a topics course in Game Theory. Here is the 1997 game theory reading list in postscript format (101kB).